@Bally
Value is tough, because how do you value a digital asset? It seems that the hype and presale purchases add value for the most part. I have been looking at the utility of tokens and coins to determine potential value. If the coin does work of some kind, it has a value in my eyes. It should have staying power while it is being used at least.
It is easy to understand the value of a digital asset if it is software of some kind, like Windows operating system. Its utility as a tool or application is its value. However, I can't see any value in a "meme" coin based on basically nothing but a joke (maybe). I'm not sure if those coin designs are even copyrighted.
That is the cryptocurrency, known as fungible tokens, where they all carry the same value. There is the non-fungible tokens (NFTs) with individual value that are essentially digital collector art. I don't believe that anyone makes NFTs from 3-D printer instructions so you can actually have a physical art work from it, although that sounds like a good way to add actual value to a digital art asset. Even an archival scan of artwork would carry reproduction value for an NFT, but that idea isn't even considered. As far as I know, that is my idea, one I'm actually working on for my own fine artwork from college. Scan it, tokenize it, and destroy the original artwork to insure the scarcity of the digitized version and create value.
Maybe you're confusion will lead you to other conclusions on why and how these tokens carry any monetary value. Most of those in the crypto market have a similar check list of attributes and characteristics that supposedly add value to tokens. They have their own ideas as well I'm sure, but outside of any real life value, they just want to buy low and sell high. They could be selling empty plastic bags full of air, as long as it is selling and people buy it, it has value.
The Pet Rock craze of the 70s comes to mind. Because anyone can pick up a rock off the ground, give it a name and make it a pet, it has little value as such. What people were actually buying was a certificate from the guy who came up with the idea. Then you have bragging rights when someone else has a rock from their backyard. This is kind of the idea it seems.
Expanding on the pet rock analogy. Let's say you purchased an official "Pet Rock" that is certified, and you have the original box it came in. It cost you $10. Now you post cute pictures and videos of your rock, and it gets its 20 minutes of fame on social media. Then, when it gets really popular with all kinds of followers, you auction it off and make $2,000. All for a rock you could have found in your yard or on the street.
Taking that idea a step too far would have you putting ribbons on dog turds and selling them online. That might sell in California. I don't know what people can be convinced into buying as trendy, but dog turds could become a craze, I suppose. I'm certain an authentic, certified dog turd from Lassie or Rin Tin Tin would fetch a high price at auction.
Value is tough, because how do you value a digital asset? It seems that the hype and presale purchases add value for the most part. I have been looking at the utility of tokens and coins to determine potential value. If the coin does work of some kind, it has a value in my eyes. It should have staying power while it is being used at least.
It is easy to understand the value of a digital asset if it is software of some kind, like Windows operating system. Its utility as a tool or application is its value. However, I can't see any value in a "meme" coin based on basically nothing but a joke (maybe). I'm not sure if those coin designs are even copyrighted.
That is the cryptocurrency, known as fungible tokens, where they all carry the same value. There is the non-fungible tokens (NFTs) with individual value that are essentially digital collector art. I don't believe that anyone makes NFTs from 3-D printer instructions so you can actually have a physical art work from it, although that sounds like a good way to add actual value to a digital art asset. Even an archival scan of artwork would carry reproduction value for an NFT, but that idea isn't even considered. As far as I know, that is my idea, one I'm actually working on for my own fine artwork from college. Scan it, tokenize it, and destroy the original artwork to insure the scarcity of the digitized version and create value.
Maybe you're confusion will lead you to other conclusions on why and how these tokens carry any monetary value. Most of those in the crypto market have a similar check list of attributes and characteristics that supposedly add value to tokens. They have their own ideas as well I'm sure, but outside of any real life value, they just want to buy low and sell high. They could be selling empty plastic bags full of air, as long as it is selling and people buy it, it has value.
The Pet Rock craze of the 70s comes to mind. Because anyone can pick up a rock off the ground, give it a name and make it a pet, it has little value as such. What people were actually buying was a certificate from the guy who came up with the idea. Then you have bragging rights when someone else has a rock from their backyard. This is kind of the idea it seems.
Expanding on the pet rock analogy. Let's say you purchased an official "Pet Rock" that is certified, and you have the original box it came in. It cost you $10. Now you post cute pictures and videos of your rock, and it gets its 20 minutes of fame on social media. Then, when it gets really popular with all kinds of followers, you auction it off and make $2,000. All for a rock you could have found in your yard or on the street.
Taking that idea a step too far would have you putting ribbons on dog turds and selling them online. That might sell in California. I don't know what people can be convinced into buying as trendy, but dog turds could become a craze, I suppose. I'm certain an authentic, certified dog turd from Lassie or Rin Tin Tin would fetch a high price at auction.
A trail goes two ways and looks different in each direction - There is no such thing as a timid woodland creature - Whatever does not kill you leaves you a survivor - Jesus is NOT a bad word - MSB